GPB Capital Files Form 10 Registration Statement with the U.S. Securities and Exchange Commission for GPB Holdings II, LP

Form 10 filing marks completion of independent audits for more than 90 percent of GPB Capital's assets

NEW YORK, May 16, 2022 /PRNewswire/ -- On May 13, 2022, GPB Capital Holdings, LLC ("GPB Capital") filed its Registration Statement on Form 10 ("Form 10") for GPB Holdings II, LP (the "Partnership") with the U.S. Securities and Exchange Commission.

The Form 10 filing confirms net assets of approximately $567.3 million in the Partnership as of December 31, 2021, a figure verified through an unqualified opinion from the Partnership's auditors and prepared in accordance with United States Generally Accepted Accounting Principles ("US GAAP"). According to the filing, for the period ended December 31, 2021, the Partnership recognized total revenue of $153.4 million and produced net income of $168.7 million. The filing also shows year-end cash balances of approximately $356.6 million.

"The audited financial statements reflect a strong portfolio with significant cash and liquidity, and minimal long-term debt," said Rob Chmiel, Chief Executive Officer. "We continue to evaluate strategic options for how to best maximize value for our investors."

In 2021, GPB Capital effected the sale of two significant groups of the Partnership's assets: its Physical Therapy strategy (Alliance Physical Therapy Partners, LLC ("Alliance")) and its Automotive Retail strategy ("Auto"). The December 2021 sale of Alliance resulted in net proceeds to the Partnership of approximately $119.0 million, representing a nearly 2x multiple on invested capital. The November 2021 sale of the Auto businesses, primarily made up of retail dealerships operated under Prime Automotive Group, resulted in net proceeds to the Partnership of approximately $281.8 million.

The Alliance and Auto sales resulted in the Partnership's exit from two of its five reportable segments.  The Partnership is now comprised of three reportable segments: (i) Technology-Enabled Services, (ii) Energy, and (iii) Corporate and Other. The Form 10 provides more detail about the strategies for these segments, as well as the portfolio companies contained within each segment. Additional information about the sales of Alliance and Auto are found at the links below:

• Alliance Physical Therapy link: https://prn.to/3kz2vt1
• Automotive Retail link: https://prn.to/3OWFK00

All of GPB Capital's public filings are available at the following link: https://gpb-cap.com/secfilings/. Additionally, updates regarding GPB Capital can be found in GPB Capital's investor resource center, which is available at the following link: https://gpb-cap.com/investor-updates/.

Note Regarding Forward-Looking Statements
This press release is not intended to be an offer to sell, or a solicitation of any offer to buy, any security, or to participate in any GPB Capital Partnership, fund, or product. This press release may contain "forward-looking statements" which may describe, strategies, goals, outlooks or other non-historical matters, and may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "guidance," "project," "target," "potential," "will," "should," "could," "likely," or "may," and similar expressions intended to identify forward-looking statements. These statements are only predictions and actual results can differ materially. Undue reliance on these forward-looking statements is cautioned against. Forward-looking statements are valid on the date they are made, and we undertake no obligation to update or revise them. GPB Capital is a SEC registered investment adviser. Registration does not imply a certain level of skill or training. More information about GPB Capital including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.

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SOURCE GPB Capital